Currito Restaurant Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$338,500 - $954,000
Franchise Fee
$30,000
Total US Locations
23
Business Summary
Currito operates fast-casual restaurants that feature freshly prepared bowls, wraps, salads, smoothies, milkshakes, non-alcoholic beverages, and sides. All menu items are prepared with Currito's proprietary and chef-created marinades and sauces. These restaurants serve food for both on-premises and off-premises consumption.
Corporate History
Airport & College Services, LLC, operating as Currito, was formed in Ohio on April 24, 2008. The company began offering Currito franchises in July 2011. Before this, its predecessor, Under Wraps, LLC, was the franchisor of the Currito concept, with Airport & College Services, LLC assuming all franchise agreements and rights in 2011 through an internal restructuring. Currito's owners and principal officers have extensive experience in the restaurant industry, including over 20 years in franchising with 'Great Steak and Fry Company' and 'Great Steak and Potato Company' from 1986 to 2004. They also own and operate multiple restaurant concepts under the 'Thunderdome Restaurant Group' umbrella. As of December 31, 2023, an affiliate, Cincy Currito, LLC, owned and operated eight Currito restaurants in and around Cincinnati, Ohio. Another affiliate, CityBird Franchise Company, LLC, offers franchises for a different restaurant concept.
Financial Overview
Investment Range
$338,500 - $954,000
Franchise Fee (Low)
$30,000
Franchise Fee (High)
$30,000
Royalty %
6%
Marketing %
2%
Equipment Costs (Low)
$261,000
Equipment Costs (High)
$762,000
Working Capital
$35,000
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
Currito has a positive financial standing, showing net income of $585,197 in 2023 and $450,256 in 2022. The company maintains healthy working capital, with current assets exceeding current liabilities. Cash balances at the end of 2023 were $307,794. The financial statements have received an unqualified audit opinion from an independent auditor, indicating that they present fairly the company's financial position. Management has also assessed that there are no open matters that would materially affect the company's financial position, results of operations, or cash flows, and has determined that there is no material risk of credit loss. No going concern issues were identified in the audit opinion.
Financing Details
Currito does not offer any direct or indirect financing arrangements for establishing or operating a restaurant. Additionally, Currito and its affiliates do not guarantee any promissory notes, leases, or other financial obligations that franchisees may undertake with third parties.
Performance Metrics
Total US Locations
23
Franchised Units
15
Corporate Units
8
Avg Square Footage
2,000
Franchising Since
2011
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Currito has no litigation history that is required to be disclosed in Item 3 of its Franchise Disclosure Document. This means Currito, its predecessors, parents, or affiliates, and the individuals identified in Item 2 have not been involved in any material litigation during the reporting period.
Bankruptcy History
Currito, including its predecessors, parents, affiliates, and the individuals listed in Item 2, has no bankruptcy history to disclose in Item 4 of its Franchise Disclosure Document.
Agreement Terms
Initial Term
10 years
Renewal Term
10 years
Renewal Conditions
To renew the franchise agreement, Currito franchisees must not be in material default of their current agreement or any other agreements with Currito, its affiliates, or suppliers, and must have substantially complied with all terms. They must pay a renewal fee of $10,000 at least five months before renewal. Franchisees must also maintain possession of the restaurant premises or secure a suitable alternative site approved by Currito, and refurbish the location according to current requirements or, if required by Currito, relocate and develop a new site. Upon renewal, franchisees will be required to sign Currito's then-current standard franchise agreement, which may contain materially different terms.
Training & Support Program
Franchisor Assistance
Before a Currito restaurant opens, Currito helps franchisees by approving their location and lease. It provides standardized plans and specifications for restaurant construction, along with advisory assistance. Currito also offers standards and an approved supplier list for food, beverages, equipment, fixtures, furniture, signs, and decor. Franchisees are required to complete initial training programs and are offered a package of advertising and promotional materials for their grand opening. During operations, Currito provides information and guidance on preparing food and beverages, packaging, sales, and administrative and inventory procedures. It advises franchisees on operating problems identified through reports or inspections, formulates advertising programs, and offers guidance on pricing. Currito may also require franchisees to attend additional training programs and provides an Operating Manual with mandatory procedures and standards.
Initial Training Hours
174
Training Location
Initial training classes for Currito franchisees, Operating Principals, and Key Managers will take approximately four weeks. This training will be held in Cincinnati, Ohio, at another designated location by Currito, or at the franchisee's restaurant. Portions of the program may also be provided virtually via video conference. To minimize travel costs, training may also occur in other existing Currito restaurants around the country.
Ongoing Support
After a Currito restaurant opens, Currito provides ongoing operating assistance and general guidance, including information on food and beverage preparation, packaging, sales, administrative tasks, and inventory control. Currito will also advise franchisees on operating problems based on reports or inspections. Franchisees may be required to attend supplemental or additional training programs. Currito manages an Advertising and Marketing Fund for system-wide benefit, and franchisees must meet local advertising spending requirements using approved materials. Currito also requires participation in its Business Management and Technology System, including specific computer hardware and software for point-of-sale, data transmission, and online ordering. Franchisees must maintain adequate Internet access and participate in any System-wide computer network or intranet. Currito may also establish an Advisory Council for franchisees to consult on system improvements.
Franchise Requirements
Ideal Candidate Profile
Currito seeks franchisees, or entity owners, who possess financial resources and prior fast-casual dining experience. The ideal candidate will have an Operating Principal with at least a 40% ownership interest and the largest share of the general partnership, equity, and voting power in the franchisee entity. This Operating Principal must have authority over all business decisions for the restaurant and the power to bind the franchisee. They are expected to actively, personally, and frequently monitor and supervise the restaurant's performance. Additionally, a trained Key Manager is required to manage the day-to-day business, who may also be the Operating Principal.
Industry Experience Required
No
Management Experience Required
No
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
Retail
Owner Participation
Supervisory
Territory Type
Protected
Territory Size Requirements
Currito franchisees will operate within a Protected Territory, which is typically a 1 to 3-mile radius around their restaurant. However, if the restaurant is in a major metropolitan downtown or similar central business district, the territory may be limited to a smaller geographic area, ranging from one block to 1 mile, at Currito's discretion. The boundaries of the territory can be defined using zip codes, streets, natural or man-made landmarks, or county lines, and will be delineated on a map.